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In 1944, as World War II was drawing to an end, representatives from 44 nations met at a hotel in Bretton Woods, New Hampshire to hammer out a new financial system for the global economy. Out of Bretton Woods came the World Bank, the IMF and most importantly, a new role for the U.S. dollar as the international reserve currency. At the time, The United States controlled most of the worlds gold, and they agreed to fix the value of the dollar to gold at $35 an ounce. Other countries then fixed their exchange rates to the dollar, making it the central cog in the system. In 1971, in response to increasing inflation and high unemployment Richard Nixon suspended the convertibility of the dollar into gold. The fixed exchange rate system became a floating exchange rate system, and the Bretton Woods Agreement was dead, but to this day, the dollar still remains the international reserve currency. This special role has long irritated other countries. In the 1960s, The French Finance Minister co